Agency authority and negotiable instruments: agent's power to bind principal limited; general authority excludes acceptance or endorsement. Section 27 provides that a person may bind or be bound by a duly authorized agent acting in his name, but a general authority to transact business and to receive and discharge debts does not confer upon an agent the power of accepting or indorsing bills of exchange so as to bind the principal, and an authority to draw bills of exchange does not of itself import an authority to indorse.